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Is Sympathy an Economic Value? Philosophy, Economics and the Contingent Valuation Method in Contingent Valuation: A Critical Assessment
Leadership Style and Incentives
Learning Mixed Equilibria
Majority Voting and Corporate Control: The Rule of the Dominant Shareholder
This paper incorporates a model of corporate control into a general equilibrium framework for production economies with incomplete markets. The classical objective of value maximization is extended, but is indeterminate. Instead, firms are…
Managing With Power: Politics and Influence in Organizations
Although much as been written about how to make better decisions, a decision by itself changes nothing. The big problem facing managers and their organizations today is one of implementation — how to get things done in a timely and effective way…
Market Integration and Investment Barriers in Emerging Equity Markets
This paper develops a return-based measure of market integration for 19 emerging equity markets. It then examines the relationship between that measure, other return characteristics and investment barriers broadly defined. Although the analysis…
Market Rate Versus Fixed Rate Demand Deposits
In an economy with uninsured banks, market rate deposits are shown to provide services identical to fixed rate deposits without risking banking panics as long as there is not both aggregate uncertainty about liquidity demands and asymmetric…
Nonlinear Pricing
An examination of nonlinear pricing - pricing which is not strictly proportional to the quantity purchased. The text discusses the subject in a manner which can be understood by anyone with a minimum of mathematical background. There are also…
Nuclear Financial Economics
An important subfield of physics — Nuclear Physics — deals with the smallest particles of which matter is composed. Constructs developed by Kenneth Arrow (2) and Gerard Debreu (3) provide a similar foundation for financial economics. With a bit…
Numerical Analysis of a Free-Boundary Singular Control Problem in Financial Economics
We analyze a numerical scheme for solving the consumption and investment allocation problem studied in a companion paper by Hindy, Huang, and Zhu (1993). For this problem, Bellman’s equation is a differential inequality involving a second order…
On Testing Theories of Leaders and Institutions: A Re-examination of the 1987 Smoking Ban on Domestic Flights
Rather than portray institutions as de jure constraints on behavior that bind in all circumstances, recent formal theories of legislatures have begun to portray institutions more plausibly as de facto constraints on behavior in most circumstances…
Optimal Consumption and Portfolio Rules with Durability and Habit Formation
We study a model of consumption choice and portfolio allocation that captures, in two different interpretations, the combined effect of durability of consumption goods and habit formation over service flows from those goods. In a third…
Organizational Behavior: Linking Individuals and Groups to Organizational Contexts
Organizational Design and Technology Choice with Nonbinding Contracts
We present a new methodology for studying the general problem of labor contracting within a firm’s boundaries where contracts provide only a minimal commitment to wages and employment. Given the peculiar contractual incompleteness of labor…
Organizational Ecology Approaches to Institutions
For the first time, prominent scholars of the major disciplines in organization studies come together to search for common ground. Economists, sociologists and psychologists put aside their disciplinary, their language and paradigm barriers, in…
Organizational identification and cooperation
Organizational impression management as a reciprocal influence process: The neglected role of the organizational audience
*Reprinted in Hatch, M. J., & Schultz, M. (Eds.), Organizational identity, pp.223-274. Oxford, Eng: Oxford University Press, 2004.
Pluralistic Ignorance and Alcohol Use on Campus: Some Consequences of Misperceiving the Social Norm
Four studies examined the relation between college students’ own attitudes toward alcohol use and their estimates of the attitudes of their peers. All studies found widespread evidence of pluralistic ignorance: Students believed that they were…
Resetting the Clock: The Dynamics of Organizational Transformation and Failure
Returns Policies: An Under Appreciated Marketing Variable
Returns policies are widely used in the marketing of products and services. That they do much more than provide insurance is, however, not well known. In this paper, we develop a number of other rationales for distributor and consumer returns…